What Happened To Ethereum Today? Where Is ETH Going Tomorrow? Technical Analysis 5-25-2017

So what happened to Ethereum and Bitcoin today? Simply put, they both hit the ceiling!
For Ethereum it failed to hold above $200 second times in two days. ETH started off the day with great momentum and rocketed up above $200 early morning just like the day before. At some exchanges, it actually traded above $210-$215.
Let's look at the hourly chart from Bitfinex. ETH broke above $200 with very low volume and traded above $200 for couple hours and then everybody started to sell and the selling lasted 7 hours with heavy volumes. It bounced off $175 briefly for a couple of hours and then the selling resumed and it got down to the lows of the day near $155-$157 and finally got some support there with decent volume. The $157 support was set back in May 24-25.
Looking ahead, ETH will have a minor resistance at $180 and continue support at $155-$157 level. $200 remains a major resistance for ETH!

Couple days ago I pointed out that ETH was way over bought and it might consolidate soon and sure enough it started today. Looking at the Bollinger Bands, the price action finally started to trade within the band right after it failed to stay above $200. ETH was over bought back in Early May and on May 5th it sold off for a 20%+ correction. Then ETH consolidated for 2 weeks and then rocketed to the moon. The price has doubled since. Looks like ETH is repeating this pattern. Traders should pay attentions on support and resistance levels to trade in and out for profits. Long term investors might consider accumulate more ETH as it consolidate sideways before the next up move.

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